Phu Tho (VNA) – The northern province of Phu Tho is stepping up strategic cooperation with Chinese enterprises as part of a broader push to attract high-quality investment, leverage external resources, and sustain rapid and long-term growth.
With its advantageous geographic location, ample development potential, an increasingly open investment climate, and a strong commitment to supporting businesses, Phu Tho is steadily enhancing its appeal to major Chinese corporations in high-tech industries, manufacturing and processing, logistics, energy, and strategic infrastructure.
Following its administrative merger with Hoa Binh and Vinh Phuc provinces, Phu Tho now occupies a strategic position along the Kunming–Lao Cai–Hanoi–Hai Phong–Quang Ninh economic corridor – a vital trade route linking southwest China with northern Vietnam and international seaports. This offers strong potential for industrial development, logistics, trade and services.
Phu Tho has also accelerated investment in transport infrastructure, industrial parks and site clearance, while improving workforce quality and streamlining administrative procedures to support business. These efforts are laying the groundwork for the locality to capture a new wave of investment from China amid global supply chain shifts.
Its economic indicators underscore this momentum. In 2025, the province’s GRDP grew 10.52%, ranking fourth nationwide, with its economic scale reaching nearly 16 billion USD. Industry remained the main growth driver, accounting for 55.4% of the economic structure. In the first quarter of 2026, GRDP rose by 9.15%, higher than the national average, while FDI attraction surged more than sevenfold year-on-year.
Investment promotion gained fresh momentum in April 2026, when Secretary of the provincial Party Committee Pham Dai Duong accompanied Party General Secretary and State President To Lam during a state visit to China.
On the sidelines of the trip, Duong signed a 10-year agreement to establish a provincial-level friendship with China's Shanxi province, covering cooperation in trade, science and technology, education, tourism and local governance. The agreement is expected to deepen business connections and create a stable and long-term framework for collaboration.
In parallel, a provincial delegation led by Chairman of the provincial People’s Committee Tran Duy Dong conducted investment promotion activities in Hangzhou, Beijing, Shanghai and Shenzhen, meeting leading corporations.
During the working sessions, Dong emphasised that Vietnam – China ties are entering a new phase of deeper economic integration, with Chinese enterprises identified as strategic partners in Phu Tho’s push toward high-tech industry, logistics and digital transformation. The province, he said, is committed to accompanying investors, ensuring a stable and efficient business environment, and advancing administrative reforms and developing high-quality human resources.
Major Chinese firms expressed interest in expanding operations in Phu Tho. Geely Group explored opportunities in manufacturing electric vehicles and high-tech components, while Qihoo 360 discussed cooperation in cybersecurity, artificial intelligence, smart city development, and digital data protection. A memorandum was also signed with Pacific Construction Group to explore projects in transport infrastructure, urban development, industrial parks, and irrigation.
Notably, in Shenzhen, Dong granted an amended investment registration certificate to the BYD Vietnam Electronics Factory project, increasing its capital by nearly 480 million USD. The approval was processed within 48 hours under a “green channel” mechanism, highlighting Phu Tho’s strong reform drive and support for investors.
The local authorities plan to further improve conditions for Chinese investors by accelerating land clearance, expanding industrial land banks, and upgrading transport and logistics links to expressways and seaports. Priority will be given to high-tech, green industry, renewable energy and smart manufacturing projects.
Phu Tho will also expand fast-track administrative procedures, increase online public services, support skilled labour recruitment and housing, and strengthen regular dialogue with Chinese businesses. Tailored incentives are being considered for large-scale and high-impact projects, alongside efforts to foster linkages between foreign and domestic firms to build sustainable supply chains.
Notably, the sectors drawing interest from Chinese enterprises such as electronics, semiconductors, AI, electric vehicles, new materials, renewable energy, logistics, and industrial park infrastructure are also the strategic industries that Phu Tho prioritises for investment attraction in the coming period.
The province currently hosts 742 valid FDI projects, including 180 from Chinese investors with total registered capital of 3.57 billion USD. China is one of the most important investment partners, contributing significantly to industrial growth, exports and job creation./.
